PROLOGIS ANNOUNCES LEADERSHIP TRANSITION

Rhea-AI Summary

Prologis (PLD) announced a planned leadership transition, with CEO and co-founder Hamid Moghadam retiring from his CEO role effective January 1, 2026. Moghadam will continue as executive chairman, focusing on strategic guidance. Current president Dan Letter will succeed as CEO and has joined the Board of Directors effective immediately.

Letter, who joined Prologis in 2004, has extensive experience within the company, currently overseeing global real estate operations, capital deployment, strategic capital, and Prologis Essentials. Prior to his role as president, he served as global head of capital deployment and held various leadership positions in the company's U.S. regions.

Moghadam co-founded Prologis' predecessor, AMB Property , in 1983, leading the company through its 1997 IPO and the 2011 merger with ProLogis to become a global leader in logistics real estate.

Positive

• Planned and orderly CEO succession ensuring leadership continuity
• New CEO has 20+ years of company experience across multiple roles
• Former CEO remains involved as executive chairman maintaining strategic oversight

Negative

• Departure of founding CEO who led company's major growth phase
• Potential strategic direction changes under new leadership

News Market Reaction

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+0.26% News Effect

On the day this news was published, PLD gained 0.26%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

• CEO Hamid Moghadam plans retirement; will continue as Executive Chairman
• President Dan Letter to become CEO January 2026; joins Board of Directors

SAN FRANCISCO, Feb. 19, 2025 /PRNewswire/ -- Prologis, the global leader in logistics real estate, today announced the retirement of its co-founder, Hamid R. Moghadam, from his CEO role, effective January 1, 2026. After more than four decades of visionary leadership, Moghadam will continue as executive chairman, providing strategic guidance consistent with the company's mission of "enduring excellence."

As part of the company's succession plan, Dan Letter, currently president, will succeed Moghadam as CEO. Letter, who has been with Prologis since 2004, is well prepared to lead the company into its next phase of growth, with deep industry experience and a leadership style rooted in collaboration and innovation. Letter will also join the company's Board of Directors, effective immediately.

CEO Transition in 2026
Moghadam co-founded Prologis' predecessor, AMB Property Corporation, in 1983 in San Francisco. Under his leadership, the company grew from a startup to a global leader, with a successful IPO in 1997 and its merger with ProLogis in 2011. Moghadam's focus on delivering value to customers, employees, communities and investors became the cornerstone of Prologis' mission and culture.

"This transition has been carefully planned to ensure Prologis' continued success," said Moghadam. "Having worked closely with Dan for more than 20 years, I have full confidence in his leadership. He embodies our values and is committed to the company's long-term vision. I look forward to supporting him and the leadership team in my new role."

Moghadam continued, "Today, Dan is responsible for the majority of Prologis' business lines, including global real estate operations, capital deployment, strategic capital and Prologis Essentials. He has played a key role in Prologis' tremendous growth and is uniquely qualified to guide the company forward."

Letter commented: "Hamid started this company more than four decades ago and has taken it to unbelievable heights. Given our scale, role in the supply chain and disciplined approach to our balance sheet, our future is very bright. I am excited to continue to work with Hamid and the rest of the management team to grow and strengthen the company."

Irving F. "Bud" Lyons, lead independent director for Prologis' Board of Directors, said: "We are deeply grateful for Hamid's transformative leadership. Hamid's 40-plus-year tenure—starting as an entrepreneurial co-founder and evolving into the CEO of a major public company—is a rare achievement in today's corporate world. We are confident that Dan is the right leader to guide Prologis in its next chapter, and this transition underscores the strength and continuity of our leadership team."

Dan Letter
Prior to becoming president, Letter was global head of capital deployment, where he had responsibility for the company's Investment Committee, deployment pipeline management and multi-market portfolio acquisitions and dispositions. 

He joined AMB Property Corporation in 2004 as a development manager in Chicago. Over the next 16 years, he took on roles with increasing responsibility in two of the company's largest regions (U.S. West and U.S. Central). Before taking a global role, he served as president of the U.S. Central Region, where he set strategy for the division and managed development, acquisitions and operations.

Letter has a Bachelor of Science in Civil Engineering from Marquette University. He is a member of Nareit's Advisory Board of Governors and the Real Estate Roundtable. 

About Prologis 
The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.

FAQ

When will Prologis CEO Hamid Moghadam step down?

Hamid Moghadam will step down as CEO of Prologis effective January 1, 2026, but will continue as executive chairman.

Who will be the new CEO of Prologis (PLD)?

Dan Letter, currently serving as president, will become the new CEO of Prologis effective January 1, 2026.

How long has Dan Letter been with Prologis?

Dan Letter has been with Prologis since 2004, serving in various leadership roles including global head of capital deployment and president.

What will Hamid Moghadam's role be after stepping down as PLD CEO?

After stepping down as CEO, Hamid Moghadam will continue as executive chairman, providing strategic guidance to Prologis.

When did Dan Letter join Prologis' Board of Directors?

Dan Letter joined Prologis' Board of Directors immediately upon the announcement of his future CEO appointment in February 2025.